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Obama/Republicans reach deal on new budget before Fiscal Cliff

President Obama and Senate Republicans reached a sweeping deal late Monday that would let income taxes rise significantly for the first time in more than two decades, fulfilling Obama’s promise to raise taxes on the rich and averting the worst effects of the “fiscal cliff.”

Vice President Biden arrived at the Capitol just after 9 p.m. to explain the details of the pact he negotiated with Senate Minority Leader Mitch McConnell (R-Ky.). A Senate vote on the package could be held by 10:30 p.m., beating a midnight deadline, Democratic aides said. The Republican-controlled House will begin considering the bill on Tuesday, with a final vote expected in the next day or two.

this is not a deal. this is just delaying the inevitable. these ****s had 13 months to figure something out and this is what they come up with?

this solves nothing, as we will have the debt ceiling ( which we officially hit as of this morning) and we will have to deal with that come late feb or march, and that is a much bigger issue.

this deal has 620 in tax hikes and 15 billion in spending cuts. that's 41 dollars of tax revenue for every dollar of spending cuts. sorry guys, even if it is passed, this is not a solution, and i wouldn't be shocked if the house rejects it because its ****. even if the house does approve, we still got tons of unsolved issues.

A hard-fought bipartisan compromise passed in the Senate early Tuesday to spare all but the richest Americans from painful income-tax hikes teetered on the edge of collapse as angry House Republicans denounced its lack of spending cuts.

While House Speaker John Boehner considered whether to bring the Senate-passed measure to the floor for a vote Tuesday, Majority Leader Eric Cantor told fellow Republicans in a closed-door meeting that he opposed the legislation negotiated by Vice President Joe Biden and Republican Senate Minority Leader Mitch McConnell and passed by the Senate 89-8 shortly after 2 a.m.

Cantor told the group he could not back the bill in its current form, according to two officials in the room, which could leave open the possibility of an attempt to modify the package and send it back to the upper chamber. But Democrats there have signaled that changing the compromise risks killing it.

A report released by the Congressional Budget Office Tuesday complicated matters further still. The nonpartisan group "scored" the Biden-McConnell compromise as likely adding nearly $4 trillion to the federal deficit over 10 years, hardening opposition among many Republicans seeking further spending cuts.

Once this thing blows up and the Republicans generally are blamed for what the House Republicans are doing, Cantor's going to be getting some fresh bags of poop in the mail from the Senate Republican leadership.

A quote from a different Reuters story sums it up pretty well:

"Everyone knows once the markets open tomorrow our courage drops in direct proportion to the market fall," said one Republican lawmaker who spoke on condition of anonymity.

If I'm Obama I'm pulling this deal off the table and going for even better terms every hour of the day tomorrow and the next day and however long it takes. I'm also prepping a nationally televised speech explaining this, holding up a picture of Cantor's face while the "fail horn" from the Price is Right plays over and over.

Hundreds of millions in tax hikes and barely any cuts in spending. While adding trillions more to the debt. This bill not getting passed is actually a good thing. Fear is the only way the government passes laws. It reminds me of the bailout bill all over again. Scare the public into believing that the government is actually doing something good when it isn't.

Hundreds of millions in tax hikes and barely any cuts in spending. While adding trillions more to the debt. This bill not getting passed is actually a good thing. Fear is the only way the government passes laws. It reminds me of the bailout bill all over again. Scare the public into believing that the government is actually doing something good when it isn't.

exactly, why should the house pass this bill? this bill does not solve our real problems in the least bit, and should not be passed.

as usual, i expect the republicans to be blamed for not having this passed, although in the end they are just rejecting a terrible bill that somehow passed the senate.